Credit Suisse Insurance-Linked Strategies

It is more efficient for ILS managers and cedants to be able to give collateral clawbacks, the Credit Suisse ILS head has argued.

Nephila, historically one of the biggest buyers of industry loss warranties, has exited the market, sources have said.

Returns from ILS funds tracked by Trading Risk fell to an average Q1 return of 0.63 percent to 0.65 percent in cat bond and multi-instrument funds.

New registrations are expected from the ILS market.

Javier Rivas left the company last month for a new role at the Spanish life insurer.

While one of the rated vehicles affiliated to Credit Suisse’s ILS platform fell to an underwriting loss this year, Kelvin Re is expected to stay in profit.

Property treaty underwriter Nicholas James will be joining the Credit Suisse-backed syndicate in April next year.

Adrian Gfeller becomes the syndicate’s new managing director and Gary Delaney its head of operations.

Nicky Payne was CUO and active underwriter at the Lloyd’s vehicle backed by Credit Suisse’s ILS funds.

The average second quarter returns for a group of ILS funds tracked by Trading Risk has increased to 1.36 percent, compared with 0.79 percent for the same quarter last year.

Paul Hertelendy left Scor last month, as Trading Risk previously revealed.

Credit Suisse’s launch of Bermudian reinsurer Bernina Re shows a continued trend of major ILS managers developing in-house platforms that free up their reliance on fronting partners.